FX shock from fund upheaval
Up to ¥30 trillion of public funds, currently managed by corporate pension funds, is expected to return to government management following a revision of regulations earlier this year. And this will have far-reaching repercussions for forex, as a result of asset reallocations and the termination of relationships with certain banks and fund managers.
The implications for forex stem largely from the differing management styles of public and private funds in Japan, said Paul Sheard, Lehman Brothers’
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